Clover lowers earnings outlook, on effects of drought and rand
bdlive.co.za - Sep 7th 2017, 13:23
Food, beverage and dairy group Clover has warned that earnings will be worse than previous guidance, as it reels from the after-effects of the 2015-16 drought and volatility in the rand, which inflated input costs.
Clover expects headline earnings per share (HEPS) in the year to June to drop by 65%-67% from the 188.9c reported a year ago. In May it had warned that HEPS would fall 50%-65%.
It said selling price increases to counter cost pressures, and a cooler summer had also affected sales volumes, except for the new yoghurt and custard categories.
The share was priced marginally lower at R15.39 in mid-morning trade on the JSE, suggesting that the bad news could already have been priced in.
"While the after-effects of the prolonged drought will be felt for some time, a gradual recovery in milk and fruit production volumes is expected," the company said in the statement.© BusinessLIVE MMXVII
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